IT units to pay property tax at residential rate
Dec 10, 2013
Source : DNA

 

PUNE: After chief minister Prithviraj Chavan gave assurance of giving rebate in the property tax for Information Technology (IT) units, the standing committee of Pune Municipal Corporation on Monday approved a proposal of charging property tax from upcoming IT industries at residential rates and not commercial rates.

The decision has been taken to promote IT sector in Pune. Few days back only, Baramati Lok Sabha MP Supriya Sule had met Chief Minister Prithviraj Chavan in Mumbai for giving rebate in property tax for IT industry in Hinjewadi IT park which falls under her Lok Sabha constituency.

During that meeting, Chavan had assured to impose the tax on IT units as per residential rates.

A proposal in this regarding was before the Standing Committee which the committee approved on Monday. The IT units were eligible for property tax at residential rates as per the provisions of the IT policy of 2003.

The IT companies were paying property tax to PMC at residential rates till 2008 till the policy expired after which the PMC was charging property tax at commercial rate.

Vishal Tambe, standing committee chairman of PMC said, “The IT companies which will be registered with PMC will be charged property tax as per the residential rate and not commercial rate. The decision has been taken to promote the IT sector in the city.”

However, congress party has apposed the decision. Arvind Shinde, opposition leader said, “ We are opposing the decision and we are going to protest against it.”

Latest Realty News

Lodha takes big strides amid gloom
Dec 10, 2013
MUMBAI: Late last month, Mumbai-based Lodha Developers hit the headlines when it announced the acquisition of MacDonald House, an upscale property in one of the most sought-after localities in central London which is near the old US embassy, for close to Rs 3,000 crore (£299 million) from the Canadian government. The 0.67-acre property is located in the heart of the city and houses the Canadian High Commission. Once it is completed, the acquisition will make Lodha Developers the owner of one of
Flat buyers spared service tax on maintenance fee
Dec 10, 2013
MUMBAI: Home buyers have something to look forward to in an otherwise dull property market. The customs, excise and service tax appellate tribunal recently held that they will no longer have to pay service tax on the one-time maintenance charge (deposit) paid to builders at the time of booking a flat.
Investment in Pune property market remains rewarding
Dec 10, 2013
PUNE: What makes Pune such an attractive property investment destination despite the fact that Mumbai, India’s legendary real estate market par excellence, is right next door? A few years ago, the reasons for this were not as obvious as they are today.
Investors of Hirco Plc raise questions against erstwhile bosses
Dec 10, 2013
MUMBAI: Investors of Hirco Plc, a company listed on London's Stock Exchange's sub-market AIM, are raising serious questions against the firm's erstwhile chairman Niranjan Hiranandani and then CEO Priya Hiranandani-Vandrevala.
When and how to buy your dream home
Dec 09, 2013
MUMBAI: Buyers are faced with several dilemmas when they purchase a house. Here are the answers to some of the key doubts:Real estate, though a mainstream investment and probably a part of every financial portfolio, is also unique. It is the single largest financial commitment that most people make in their lifetimes. Buying a property also involves a lot of subjectivity and is not just a factor of the property's price or the interest rate on the home loan. Here are some questions you are likely
Proximity to Lohegaon airport a virtue
Dec 08, 2013
PUNE: Charoli (or Charholi) is an emerging and promising location near Pune's Lohegaon airport, being developed in response to the increasing demand for affordable, yet strategically located, homes. Like many other previously undiscovered and now well-developed entrants on Pune's real estate map, Charoli was previously an agrarian locality which, by virtue of large tracts of available land, has now been identified as a logical area for development expansion. Charoli has some very significant loc
Commercial property: Opening up to retail investors
Dec 07, 2013
MUMBAI: Buying an office or retail space is a huge investment, which is why commercial realty has been traditionally seen as an asset class that only institutional investors or high net worth individuals could invest in. That, however, is changing. Many retail investors are now getting into the office real estate game.
Pune residential market – Win-win situation for buyers
Dec 07, 2013
PUNE: Pune plays a critical role in the real estate sector of Maharashtra and the country at large. It continues to witness good traction as the market is still relatively affordable with new launches helping maintain the momentum. The demand for residential projects has increased tremendously driven primarily by the end-user segment. Real estate developers see considerable growth opportunities in the residential segment as the annual requirement of houses in Pune is estimated to remain in the r
Home away from home near Mumbai
Dec 06, 2013
MUMBAI: Driving out of the city on a weekend to the beautiful landscape in the western ghats within a 200-kms distance from Mumbai is now seen more than a weekend getaway. Given the plethora of options in housing available in the scenic spots nestled in the hills, people increasingly prefer the option of driving to their second homes and relaxing over the weekend. With the Konkan coastline with its verdant landscape and lush greenery on one side and the Arabian Sea on the other, a second home in
Destination development: First mover advantage
Dec 06, 2013
PUNE: Beyond the oft-repeated developers’ rhetoric ‘location, location and location’ as the USP of the project, lies the fact that today’s prime location was once a deserted area that most developers were not ready to bet on with the kind of huge investment that realty projects demand. It has not just been the huge investment involved but the infrastructure, or rather lack of it, which often made them play safe. Though, in some of the cases, the government authorities took the initiative to prov

Latest Realty News Of State

Realty Talk's